Wiener Städtische protects SMEs from cyber attacks

You don’t have to be defenceless against increasing cybercrime. You can insure yourself against it.

Cyber Protect (Wiener Städtische)

Cyberattacks are becoming more and more complex and sophisticated. They are causing enormous damage by simply bypassing antivirus programs and firewalls. The increase in networking also increases the likelihood of weak points in IT systems. Hackers with criminal intentions, employees who misuse sensitive data or malware that is unintentionally installed. Even just opening an email attachment is enough. The criminals are highly professional and these situations cannot be avoided. Circumstances have unfortunately changed greatly from a few years ago, when forged messages from energy companies and banks could be easily identified due to badly formulated sentences and many errors. In addition, most companies are increasingly sending invoices to customers by email to save paper and reduce their environmental impact. One wrong click is all it takes to give criminals access to passwords, knock out a system or take money from an account. Losses can quickly reach the five- or six-digit range in cases like this. In addition to a loss of earnings, companies can also suffer damage to their image or reputation if, for example, a website or mail server is unavailable for days.

The Austrian Group company Wiener Städtische is now offering “Cyber Protect”, an innovative customised solution for small and medium-size enterprises. Only 3% of SMEs in Austria currently have such coverage. In comparison, more than 60% of these companies are already protected in the USA. This is the case even though around 92% of the companies questioned are aware of the risk. Companies can now make a change. Cybercrime insurance is an optimal addition to all-risk insurance that covers all of a company’s risks due to natural hazards. Companies can protect themselves against all possible risks with these two packages.

The basic package provides coverage for data loss and damage, including data theft and data protection breaches. Supplementary coverage is available, if required, for crisis and PR management, both internal and external, benefits in the event of business interruption due to data loss, and assistance with cyber blackmail. Media liability insurance is also available.

Coverage is provided for the cost of IT specialists, overtime by IT employees in the company, examining third-party claims, through to the cost of legal advice. Professional crisis management and Public Relations agency services are also covered when damage to a company’s image must be remedied or at least limited. Around-the-clock telephone assistance and remote maintenance are also provided by the experts at the Cyber Centre.

This is a truly reassuring investment given the significant increase in cyberattacks and the damage they can cause.